ICEngIM payment and transaction service

Abstract

The extraordinary growth of interconnected computer networks & pervasive trends of using these networks as new field for conducting business processes are stimulating the need for new payment methods. These new methods attain high level of security, speed, privacy, decentralization and internationalization. This paper surveys the state of art in payment technology on the basis of a requirement of electronic payment gateway. E-payment is now one of most central research areas in E-commerce. E-payment systems automate the process of exchanging monetary values among parties in business transactions. In this paper, there is a brief overview of an electronic payment gateway and the requirements for an electronic payment gateway from both the customers and the merchants' point of view. Most people want to adopt electronic payment systems as they have lots of advantages. They need such a gateway that fulfill their all requirements and provide security, privacy etc. On the basis of these requirements and the local infrastructure, we propose an electronic payment gateway for the local environment.